New Issue: RBC prices $1.71 million buffered bullish enhanced return notes linked to S&P 500

By Marisa Wong

Madison, Wis., May 1 – Royal Bank of Canada priced $1.71 million of 0% buffered bullish enhanced return notes due April 30, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.2 times any index gain, up to a maximum return of 55.5%.

Investors will receive par if the index falls by up to 20% and will lose 1% for each 1% decline beyond 20%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered bullish enhanced return notes
Underlying index:	S&P 500
Amount:	$1,705,000
Maturity:	April 30, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.2 times any index gain, up to a maximum return of 55.5%; par if index falls by up to 20%; 1% loss for each 1% decline beyond 20%
Initial index level:	2,114.76
Buffer level:	1,691.81
Pricing date:	April 28
Settlement date:	April 30
Agent:	RBC Capital Markets, LLC
Fees:	3.25%
Cusip:	78012KDL8

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